La. Admin. Code tit. 16 § II-705

Current through Register Vol. 50, No. 11, November 20, 2024

Section II-705 - Eligible Borrowers

A. Borrowers will be determined to be eligible for assistance if they meet the following criteria.

1. The applicant is seeking assistance towards the purchase of a housing unit in the state, whether purchasing as a first time homebuyer or a non-first time homebuyer.

2. The applicant will occupy the property as his primary residence. Applicants seeking to purchase properties for use as recreational homes, second homes, vacation homes, and/or investment properties are not eligible to receive assistance.

3. The applicant's annual household income must not exceed established income limits as defined by the provisions set forth in the LAC 16:I.303.B, which limit is currently a maximum of $99,000 per year.

4. The applicant meets the minimum credit score determined by the lender as based upon the product selected for assistance, but in no instance shall be lower than 620.

La. Admin. Code tit. 16, § II-705

Promulgated by the Department of Treasury, Louisiana Housing Corporation, LR 38:1996 (August 2012).

AUTHORITY NOTE: Promulgated in accordance with R.S. 40:600.1 et seq.